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1、Understand how double-entry accounting worksDebit n.借借,借方借方,借记借记Debit card 借记卡借记卡 v.计入借方计入借方,借计借计Debit an account 计入借方账计入借方账Credit n.贷贷,贷方贷方,贷记贷记Credit card 贷记卡贷记卡 v.计入贷方计入贷方,贷计贷计Credit an account 计入贷方账计入贷方账Double-Entry AccountingDouble-Entry Accounting“Double-entry accounting is based on a simple c
2、oncept:each party in a business transaction will receive something and give something in return.In bookkeeping terms,what is received is a debit and what is given is a credit.The T account is a representation of a scale or balance.”Luca PacioliDeveloper ofDouble-EntryAccountingScale or BalanceReceiv
3、eDEBITGiveCREDITT accountLeft SideReceiveDEBITRight SideGiveCREDITT-accountT-account:a simplest form of an account,used to illustrate the effect of transaction.Account nameDebit entries(left side)Credit entries(right side)Double-entry accountingDouble-entry accounting means to record the dual effect
4、s of each business transaction.Single entry accountingThe Double-Entry SystemUnder the double-entry bookkeeping system,the twofold effect of every transaction is recorded.e.g.the check stub from the rent paymentDr.rent Expense Cr.Cash 存根存根1.Each transaction affects at least two accounts.Rules of The
5、 Double-Entry SystemOwners EquityAssetsLiabilitiesDebit+DebitCreditDebitCredit+Credit+=+rules of debits&creditsThe type of account determines the side on which increases and decreases are recorded.*The rules of debits and credits keep the accounting equation in balance.These rules are shown in a T-a
6、ccount form:Rules of Debit and CreditAccount TitleAssets ExpensesLiabilitiesOwners equityrevenues Dr.Cr.Assets ExpensesLiabilitiesOwners equityrevenues Rules of Debit and Credit(1)Assets Dr.Cr.Normal BalanceRules of Debit and Credit(2)Liabilities Dr.Cr.Normal BalanceRules of Debit and Credit(3)Owner
7、s EquityDr.Cr.Normal BalanceRules of Debit and Credit(4)RevenuesDr.Cr.Normal BalanceRules of Debit and Credit(5)ExpensesDr.Cr.Normal BalanceAny amounts paid to Any amounts paid to its proprietor are its proprietor are treated as treated as appropriations of profit appropriations of profit and not as
8、 expenses and not as expenses incurred.incurred.AssetsAssetsOwnersOwnersEquityEquityWithdrawal are Withdrawal are amounts of money amounts of money taken out of the taken out of the business by its owner.business by its owner.Dividends Dividends payablepayable AssetsAssetsPayment of Payment of DividendsDividends